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THE BREAKFAST BRIEFING

Worried about a spring swoon in the stock market? That’s so last week.

Friday’s upbeat jobs report and the rally that followed suggest investors are overcoming worries of another seasonal slowdown in the markets and the economy. And while the Dow hit 15000 and the S&P 500 cleared 1600 for the first time ever, investors are still confident that stocks are headed higher.

“We remain fully invested in U.S. stocks,” David Kotok, chief investment officer at Cumberland Advisors in Sarasota, Fla., wrote to clients immediately following Friday’s jobs data.

Kotok’s group, which manages $2.2 billion, raised cash holdings in some client accounts in March, when worries over Europe suggested the rally was due for a pause. A correction failed to materialize. Now, Kotok says he favors growth-oriented, cyclical stocks as opposed to defensive sectors, which have led the rally this year.

Such a rotation in leadership, which analysts have suggested is necessary to keep the rally going, may already be in the making. The tech-heavy Nasdaq Comp jumped 3% last week, its biggest move since January. Over the past month, the consumer discretionary, financial and technology sectors have been the biggest gainers in the S&P 500, up more than 4% apiece.

Other investors share Kotok’s sentiment. Laszlo Birinyi, president of Birinyi Associates Inc. in Westport, Connecticut, told his clients on Friday that stocks are still tracking the 1982 and 1990 bull markets. Should the patterns continue to mimic one another, the S&P 500 could be set for another 20% gain this year, bringing the index to 1900, he said.

Yes, 1900.

While the typically bullish Birinyi cautioned that 1900 isn’t the firm’s new price target, he said there’s evidence to suggest that such a number isn’t out of the realm of possibilities. “Our approaches and analysis continue to point toward higher prices,” Birinyi said.

A combination of a slowly growing economy, record-high corporate profits and a Federal Reserve that isn’t likely to pull back on its easy money policies anytime soon is why many investors think stocks are headed higher. Investor sentiment is far from euphoric and valuation levels aren’t pricey, giving more fuel for the bulls.

The Dow’s 14% year-to-date gain is its best start to a year since 1999. It has also gone the entire year without a three-day losing skid, the longest streak of its kind since 1958.

While the worry is the law of gravity will have to hit the market at some point, there appears to be plenty of evidence suggesting any dip in the market will be used as a buying opportunity, which will ultimately push prices even higher.

“Profits are ripe for the taking, but funds need to be in it to win,” says Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. “There is still a lot of money sitting on the side, making very little in alternative investments.

“So the short-term bottom line may be ‘greed is good.’”

Morning MoneyBeat Daily Factoid: On this day three years ago, the Dow Jones Industrial Average plunged nearly 1000 points in the matter of minutes before rebounding quickly. The “Flash Crash” exposed plenty of flaws in the market. And just last month, the Twitter hoax that sent the Dow tumbling 145 points in seconds brought back memories of the pain suffered from the Flash Crash.

-Steven Russolillo

STOCKS TO WATCH

Berkshire Hathaway shares may see activity on Monday following the company’s annual shareholder meeting in Omaha, Neb., this weekend and the release of its earnings late Friday. Berkshire Hathaway reported a 41% rise in first-quarter operating profit to $4.89 billion, or $4,892 per Class A share. Class B shares reacted in after-hours activity Friday with a 0.3% gain to $109 on light volume.

Anadarko Petroleum is expected to report quarterly earnings of 93 cents a share on revenue of $3.37 billion, according to analysts surveyed by FactSet.

Sysco is estimated to report fiscal-third quarter earnings of 44 cents a share on revenue of $11.09 billion.

MUST READS (LINKS)

Lesson From Buffett: Doubt Yourself: ”There was no big news at Berkshire Hathaway’s annual meeting but there was one big lesson: When things are right, listen to people who insist you are wrong.”

Buffett’s Bear: More Teddy Than Grizzly: “Bitter cold did little to damp the enthusiasm of investors who flocked to Omaha to soak up the wit and wisdom of Warren Buffett at Berkshire Hathaway’s annual meeting.”